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Keep Risk Tight on Australian Dollar

Keep Risk Tight on Australian Dollar

David Rodriguez, Head of Product

The Australian Dollar continues to hold below key resistance at $0.7800, but overall bearish momentum on the US Dollar suggests the pair may ultimately move above. We'll keep risks tight on our short position.

Indeed the US Dollar hangs on by a thread to key support levels across the board. The danger of a larger breakdown has grown, and we'll keep an especially close eye on the highly-anticipated US Federal Open Market Committee rate decision for next cues on direction.

See and comment on our original trade idea from last week via our charts.

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